The Securities and Exchange Commission (SEC) has charged Sam Bankman-Fried, founder of failed crypto exchange FTX, with “orchestrating a scheme to defraud investors.”
Bankman-Fried was arrested earlier on Monday, with the SEC issuing a statement on the same day that accused the former crypto boss of building a “house of cards” built on lies.
“We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,” SEC Chair Gary Gensler said in a statement.
Bankman-Fried has been charged with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934….